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I'm a 6th year Ph.D. student at the Institute of Economic Policy at Humboldt-Universität zu Berlin. My primary fields of interest are Macroeconomics, International Macro and Finance and Monetary Economics. My dissertation focuses on open economies with financial frictions and involves a broad spectrum of issues such as heterogeneous monetary unions, unconventional monetary policy, macroprudential policy, endogenous portfolio choice and international business cycles. My research, so far, analyzes theoretical questions but is motivated by highly relevant policy or empirical considerations.

Abstract:I analyze the adoption of unconventional monetary policy measures in a monetary union. To this end, I lay out a two-country monetary union model with balance-sheet constrained financial intermediaries and central bank credit policy. The framework is used to compare the welfare implications of union-wide versus country-specific optimal simple unconventional monetary policy rules. It is shown that - despite the presence of country-specific shocks - country-specific rules are not necessarily associated with higher welfare from the viewpoint of a structurally symmetric union. Instead, to the extent that the central bank reacts to indicators which are highly correlated between countries, union-wide rules can be preferable. When considering structural asymmetries between countries, there is evidence that the introduction of unconventional monetary policy limits incentives to reform financial structures from the viewpoint of a financially less stable country.